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jack welch setting off a bit after firestorm this morning. shortly after the report, welch tweeted this out. unbelievable jobs numbers. he doesn't mean it in a positive way. he means it unbelievable. these chicago guys will do anything. can't debate so change numbers. a few moments later, hilda solis fired back. >> i'm very disappointed to hear that. we have a very professional service organization with top officials working in the bls. our most trained and skilled individuals. it is really ludicrous to hear that kind of statement. >> representative allan west is a florida republican and he says he agrees with mr. welch. congressman, good to see you. >> thank you very much. how are you all? >> what do you believe what mr. welch says and not what the secretary of labor says. >> it is not about believing what mr. search says. it is about studying the numbers. we continue to see these inconsistencies and revisions upwards and downwards. work force participation rate still remains at a 30-year low. when you compare this to the u6 computation whic
jack welch setting off a bit after firestorm this morning. shortly after the report, welch tweeted this out. unbelievable jobs numbers. he doesn't mean it in a positive way. he means it unbelievable. these chicago guys will do anything. can't debate so change numbers. a few moments later, hilda solis fired back. >> i'm very disappointed to hear that. we have a very professional service organization with top officials working in the bls. our most trained and skilled individuals. it is...
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jack, welcome back to halftime. great to get entrepreneur sights especially with so much in front of us. set the stage for us, if you would. >> sure. first of all, you know, i think if we're investing on a daily or monthly or yearly basis we ought to examine what the heck we're doing because that's more like speculating than investing. that's what i wrote about in my new book. but i don't have much of an opinion. broadly speaking i would say the s&p 500, for example, should earn i think around 100 bucks with low pay out, low dividend pay out, 35% or something in that range, and so i don't see that the market is terribly overvalued or terribly undervalued and i think we should take our ideas about asset allocation only change those views once we do what suits us and fits our profile. change those a lllocations if there's extreme evaluation and extreme under valuation. i wouldn't make huge changes. if you're a 50-50 bond/stock investor be a minimum of 30% in stocks and minimum of 30% in bonds no matter what. don't try
jack, welcome back to halftime. great to get entrepreneur sights especially with so much in front of us. set the stage for us, if you would. >> sure. first of all, you know, i think if we're investing on a daily or monthly or yearly basis we ought to examine what the heck we're doing because that's more like speculating than investing. that's what i wrote about in my new book. but i don't have much of an opinion. broadly speaking i would say the s&p 500, for example, should earn i...
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good to see you, jack. thanks for joining us. >> good to see you. nice to be on. >> you know, when it comes to energy, i have to say we don't have an energy policy, unfortunately. what is the most pressing problem that needs to be fixed right now with america's energy situation in your view? >> well, i think there's three things any administration can do, whoever wins the election in the next few weeks. the first one is to approve the keystone exile pipeline. 20,000 new jobs brings more crude oil to the united states to be produced and used by americans. the second one is the administration could open up additional federal lands to bring more energy to the marketplace in job creating opportunities. the third one and perhaps equally important is to pull back on all the additional regulations that have been put throughout by the obama administration that are having a chilling effect on energy production in the united states. those three things alone would send signals to the marketplace. we're serious about our energy policy. even though congress does
good to see you, jack. thanks for joining us. >> good to see you. nice to be on. >> you know, when it comes to energy, i have to say we don't have an energy policy, unfortunately. what is the most pressing problem that needs to be fixed right now with america's energy situation in your view? >> well, i think there's three things any administration can do, whoever wins the election in the next few weeks. the first one is to approve the keystone exile pipeline. 20,000 new jobs...
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more concerts, more events, more experiences. [ jack ] hey, who's boring now? [ male announcer ] get more access with the citi card. [ crowd cheering, mouse clicks ] finally getting some relief at the pump. los angeles wholesale gasoline falling 60 cents on governor brown's winter blend gasoline waiver. jane wells is in northridge, california. she'll explain what all that mean. a certain mandated blend accounted for 60 cents for the price of gas in california? >> reporter: well, how about that, michele? they are saying that california's case of bad gas may be coming to an end. while wholesale prices are supposed to come down, or have, retail prices haven't. i checked several retail stations i monitored on friday, the price of gas is exactly the same as on friday. aaa says the average price in los angeles of regular is $4.70, a record. this should start to change since the governor ordered a cheaper blend of gas to be sold here three weeks ahead of normal. >> this is a great step. it will allow refiners to produce 10% more gasoline, like adding another refinery
more concerts, more events, more experiences. [ jack ] hey, who's boring now? [ male announcer ] get more access with the citi card. [ crowd cheering, mouse clicks ] finally getting some relief at the pump. los angeles wholesale gasoline falling 60 cents on governor brown's winter blend gasoline waiver. jane wells is in northridge, california. she'll explain what all that mean. a certain mandated blend accounted for 60 cents for the price of gas in california? >> reporter: well, how about...
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i love jack. i'm trying to reconcile jack with the numbers because i trust jack and think he's terrific. i come back and say listen, they've been wrong -- he's jack. i don't think that they're phony. it doesn't make me feel that jack is off the reservation so much that i think that this particular issue -- i disagree with him. i read the tweet and i was, darn, jack, come on, man. >> let's say good is good. >> does this mark the turning point and we had david come out this morning where he was establishing 1575 and that's quite an upside for 2013 particularly if he's standing by a year-end target of 1250. so between 1250 and 1575 by the end of 2013 that's spreng loaded to the upside. >> he must know how the fiscal cliff is resolving itself. do you remember that scene in "the wizard of oz" when they look through the crystal ball and they find out how to get to the promiseland. he's got the crystal ball. my hat's off to you. >> it's a great note. 1575, next year because congress, in his view evades t
i love jack. i'm trying to reconcile jack with the numbers because i trust jack and think he's terrific. i come back and say listen, they've been wrong -- he's jack. i don't think that they're phony. it doesn't make me feel that jack is off the reservation so much that i think that this particular issue -- i disagree with him. i read the tweet and i was, darn, jack, come on, man. >> let's say good is good. >> does this mark the turning point and we had david come out this morning...
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i want to go to jack in pennsylvania. jack? >> caller: good afternoon, jim. this is jack from bucks county, pennsylvania, calling. i'm interested in wprt, westport innovations. i bought it maybe six months ago and have seen it go from approximately $18 to $50, back down to the high 20s or so. >> speculative situation. recommended today by a major firm. this is a company that makes natural gas engines for trucks and railroads. i believe in the company. but it's highly speculative. you've got my whole suburban one i played in when i was growing up. let's go to dino in florida. >> caller: this is dino from florida. >> what's shaking? let's go to work? >> caller: i've been watching your show for a long time and made a lot of money because of you. i ask you, kiss so a few months ago was $17. you telling me to buy. but you say if it reach $19, pull the plug. >> two firms said this week the business is very strong. i have no reason to doubt those two firms. i think the stock can go to $21 and not have a valuation stretch. let's go to mike in pennsylvania. mike? >> c
i want to go to jack in pennsylvania. jack? >> caller: good afternoon, jim. this is jack from bucks county, pennsylvania, calling. i'm interested in wprt, westport innovations. i bought it maybe six months ago and have seen it go from approximately $18 to $50, back down to the high 20s or so. >> speculative situation. recommended today by a major firm. this is a company that makes natural gas engines for trucks and railroads. i believe in the company. but it's highly speculative....
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i like jack in the box, qdoba and i like chico's. i don't like burger king. they can't get their fries right. >> they make great chicken sandwiches. >> they spray that smoky stuff, they actually don't bei don't like that char boiled, that faux -- >>> anyway greece making good promises to privatize state-runnent prizes. we'll talk to a ceo taking over a mall in the country's first privatization deal of the year. first becky has your top stories. >> new york attorney general is filing a civil fraud lawsuit over jpmorgan over mortgage backed securities packaged and sold by bear stearns. the action by eric schneiderman is the first to come out of a working group created by president obama to go after wrongdoing thatcrisis. this is jpmorgan of course. the bank says it will contest the allegation, similar cases against other banks are likely to follow but again something on the criminal prosecution at least did not succeed. also samsung's going to be allowed to sell its galaxy tablet 10.1 in the united states. courtroom removing a temporary sales ban on the device
i like jack in the box, qdoba and i like chico's. i don't like burger king. they can't get their fries right. >> they make great chicken sandwiches. >> they spray that smoky stuff, they actually don't bei don't like that char boiled, that faux -- >>> anyway greece making good promises to privatize state-runnent prizes. we'll talk to a ceo taking over a mall in the country's first privatization deal of the year. first becky has your top stories. >> new york attorney...
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more concerts, more events, more experiences. [ jack ] hey, who's boring now? [ male announcer ] get more access with the citi card. eering, mouse clicks ] >>> still to come on "squawk," what's brewing at starbucks, the high end coffee maker by the way also an advocate for jobs creation fits right into our jobs panel today. ceo howard schultz is here to talk about his efforts to keep america working. >>> at 8:40 eastern time the ceo of linkedin will join us to talk about how social media is playing an important role not only in getting joe up to speed with what's happening with the debate but also in connecting businesses with job seekers. some key ways to really get americans back to work. "squawk box" is coming right back after this break. tonight our guest, thomas sargent. nobel laureate in economics, and one of the most cited economists in the world. professor sargent, can you tell me what cd rates will be in two years? no. if he can't, no one can. that's why ally has a raise your rate cd. ally bank. your money needs an ally. ♪ [ male announcer ] how do y
more concerts, more events, more experiences. [ jack ] hey, who's boring now? [ male announcer ] get more access with the citi card. eering, mouse clicks ] >>> still to come on "squawk," what's brewing at starbucks, the high end coffee maker by the way also an advocate for jobs creation fits right into our jobs panel today. ceo howard schultz is here to talk about his efforts to keep america working. >>> at 8:40 eastern time the ceo of linkedin will join us to talk...
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. >> reporter: jack ket is on because it's so bright out and i had a white shirt on. it's a magnificent day here. one of our hosts is kyle bass. thank you for having us, as always. >> sure. >> and you and i are going to start off where we start many of our interviews, mainly talking about debt balances throughout the world. deleveraging has been taking place around the world. in fact, you hear about it, the deleveraging the economy. that's not the case, right? >> we try to look at the world in its totality and when you look at on balance sheet corporate debt, they've grown from $80 trillion, 11% growth rate when you have a population growth of 1.2, realty gdp growth of 3.8 and debt growth of about 11. central bank balance sheet of 16. you can't just do this for very long. what you're seeing is leveraging on the government side. you're seeing central banks that are starting to do open-ended money printing. so it makes it difficult. >> you're looking now at the sort of further end of this chart. we didn't have it all in one. global oh population, real gdp, 10% global cr
. >> reporter: jack ket is on because it's so bright out and i had a white shirt on. it's a magnificent day here. one of our hosts is kyle bass. thank you for having us, as always. >> sure. >> and you and i are going to start off where we start many of our interviews, mainly talking about debt balances throughout the world. deleveraging has been taking place around the world. in fact, you hear about it, the deleveraging the economy. that's not the case, right? >> we try...
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jack welsh says there's a problem with the voracity of these numbers. >> i think what we're seeing is just a reality from month to month. over time they tend to converge. in any one month, you do get differences. this month is one of them. >> are they open to manipulation? >> i don't buy the conspiracy theory. there are certain people at pimco who do. i respect their point of view. this is just what happens when you have two different ways of collecting data. >> 115,000 jobs is certainly nothing to get excited about. the number is anemic. certainly not a bullish call. >> if you're going to fake the number, you do it big. >> absolutely. that's why i don't buy into it. you're just picking up the issue. it's a key element for the market. so step back. why is the market not as enthusiastic as some people would like it? because it realizes that we need to pivot. so far we've had a correct rally based on chopping off the tails of catastrophe. between what the fed has been doing and what the ecb has been doing, that has reduced the tail risks in the short term. in order to keep going, we nee
jack welsh says there's a problem with the voracity of these numbers. >> i think what we're seeing is just a reality from month to month. over time they tend to converge. in any one month, you do get differences. this month is one of them. >> are they open to manipulation? >> i don't buy the conspiracy theory. there are certain people at pimco who do. i respect their point of view. this is just what happens when you have two different ways of collecting data. >> 115,000...
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more concerts, more events, more experiences. [ jack ] hey, who's boring now? [ male announcer ] get more access with the citi card. [ crowd cheering, mouse clicks ] [ male announcer ] the exceedingly nimble, ridiculously agile, tight turning, fun to drive 2013 smart. ♪ >>> i want to take you live to where mark zuckerberg is being interviewed live. yesterday prime minister medvedev trying to put more facebook infrastructure in that country. let's take a quick listen. >> it is frozen. >> i'm taking state against petersburg this weekend. >> zuckerberg looks dressed up compared to his interviewer. >> he did wear a suit and tie when he met medvedev. facebook and russia, 9 million users with a domestic copy of facebook called the vk. they come in second in that country. >> eventually they are -- >> i wish we knew what she was saying. >> i think he said we will bury you. >> tear down this pay wall, that kind of thing. >> yes! and mr. gorbachev teared down the pay wall! >>> when we come back, when it comes to tim cook's leadership, what would steve jobs think of thi
more concerts, more events, more experiences. [ jack ] hey, who's boring now? [ male announcer ] get more access with the citi card. [ crowd cheering, mouse clicks ] [ male announcer ] the exceedingly nimble, ridiculously agile, tight turning, fun to drive 2013 smart. ♪ >>> i want to take you live to where mark zuckerberg is being interviewed live. yesterday prime minister medvedev trying to put more facebook infrastructure in that country. let's take a quick listen. >> it is...
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more concerts, more events, more experiences. [ jack ] hey, who's boring now? [ male announcer ] get more access with the citi card. [ crowd cheering, mouse clicks ] >>> here's something we don't often get to talk about on cnbc, european strengths. europe defeating the u.s. to retain the ryder cup. martin kaymer giving europe the 14th point it needed to retain possession of the cup. that brings us to this morning's "squawk on the tweet." complete the following sentence -- europe may take our ryder cup, but they'll never take our, blank? tweet us. we have a new twitter handl handle, @squawkstreet is the new twitter handle. they'll never take our? >> place of employment refs. >> wasn't it great to see great refs? >> the saints game, even some controversial calls still, although that's -- there's something more comfortable about it knowing it comes from a full-time ref. >> seriously. someone who's got skin in the game with a 401(k) coming -- the new guys. use the ford motor play, the gm union negotiation. the new guys come in, get shafted. the old guys do well. >>
more concerts, more events, more experiences. [ jack ] hey, who's boring now? [ male announcer ] get more access with the citi card. [ crowd cheering, mouse clicks ] >>> here's something we don't often get to talk about on cnbc, european strengths. europe defeating the u.s. to retain the ryder cup. martin kaymer giving europe the 14th point it needed to retain possession of the cup. that brings us to this morning's "squawk on the tweet." complete the following sentence --...
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more concerts, more events, more experiences. [ jack ] hey, who's boring now? [ male announcer ] get more access with the citi card. [ crowd cheering, mouse clicks ] [ male announcer ] the exceedingly nimble, ridiculously agile, tight turning, fun to drive 2013 smart. ♪ >>> good morning, and welcome back to "squawk box" here on cnbc. i'm joe kernen along with becky quick. our top story, the first presidential debate is tonight. this half-hour, we're going to have our own version of a debate. strategists from both sides of the aisle. those two gentlemen that you've seen on our show many times before. democrat jimmy williams is sitting right next to me, and republican joe watkins -- >> he's missing in action. >> you know what, he heard it was jimmy, he said i can't debate that guy. i can't. i'm going to fold like -- he's afraid. that happens. >> he shouldn't be. >> oh, here he comes! >> he's running. >> it's bad to run. >> you're out of breath. >> then you would have a chance. >> not if you run a lot. >> but then you would have a chance. sales at auto nation sa
more concerts, more events, more experiences. [ jack ] hey, who's boring now? [ male announcer ] get more access with the citi card. [ crowd cheering, mouse clicks ] [ male announcer ] the exceedingly nimble, ridiculously agile, tight turning, fun to drive 2013 smart. ♪ >>> good morning, and welcome back to "squawk box" here on cnbc. i'm joe kernen along with becky quick. our top story, the first presidential debate is tonight. this half-hour, we're going to have our own...
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. >> it doesn't matter, jack, whether it's romney or obama. they're both the same. they don't have a clue what's going on. they caused the problems. these are the guys that got us into this situation. you think going to get us out? >> all right, jimmy is an old pal of mine and a real smart guy but i think he got that whole story wrong. jeff, let us assume, purely hypothetical. not asking you for any partisan things. let us assume mitt romney wins the race. would you have a different investment strategy, would you buy different stocks and groups than if romney lost? >> i think so, larry. today is a great example. coal up a lot. you had the hospitals certainly a group that would do better under obama underperforming today. take a look at some others. hmos, big banks likely to do much better under a romney white house and romney led heads of regulatory agencies than for the hospitals, diagnostic labs or home builders. >> because romney would be more pro business on the regulatory front. is that what you're implying? >> exactly. if you look at certainly the big banks ha
. >> it doesn't matter, jack, whether it's romney or obama. they're both the same. they don't have a clue what's going on. they caused the problems. these are the guys that got us into this situation. you think going to get us out? >> all right, jimmy is an old pal of mine and a real smart guy but i think he got that whole story wrong. jeff, let us assume, purely hypothetical. not asking you for any partisan things. let us assume mitt romney wins the race. would you have a different...
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jack, you're a little boring. boring. boring. [ jack ] after lauren broke up with me, i went to the citi private pass page and decided to be...not boring. that's how i met marilyn... giada... really good. yes! [ jack ] ...and alicia. ♪ this girl is on fire [ male announcer ] use any citi card to get the benefits of private pass. more concerts, more events, more experiences. [ jack ] hey, who's boring now? [ male announcer ] get more access with the citi card. [ crowd cheering, mouse clicks ] a short word that's a tall order. up your game. up the ante. and if you stumble, you get back up. up isn't easy, and we ought to know. we're in the business of up. everyday delta flies a quarter of million people while investing billions improving everything from booking to baggage claim. we're raising the bar on flying and tomorrow we will up it yet again. >>> european markets are closing now. >> got the european close. as you can see markets all over europe closing largely in the red amidst some global growth concern ranging from
jack, you're a little boring. boring. boring. [ jack ] after lauren broke up with me, i went to the citi private pass page and decided to be...not boring. that's how i met marilyn... giada... really good. yes! [ jack ] ...and alicia. ♪ this girl is on fire [ male announcer ] use any citi card to get the benefits of private pass. more concerts, more events, more experiences. [ jack ] hey, who's boring now? [ male announcer ] get more access with the citi card. [ crowd cheering, mouse clicks ]...
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i knew jack kennedy. jack kennedy was a friend of mine. senator, you're no jack kennedy. >> killer line. had no impact on the election. george h.w. bush one that election. when you have a strong performance by a strong candidate and a weak fumble by the other, its can make a difference. here's an example in 2000 when al gore decided he thought it was a good idea to get in the face of george w. bush while he was answering a question. watch this. >> the difference is that i can get it done. that i can get something positive done on behalf of the people. that's what the question in this campaign is about. it's not only what's your philosophy and position on issues. but can you get things done? i believe i can. >> there you had governor george w. bush making al gore look foolish. now, the second ranking all time memorable debate moment in that poll i mentioned was this one, which maria you'll remember it. we were in the debate of republican candidates just a few months ago, one year ago in fact. >> you can't name the third one? >> the third ag
i knew jack kennedy. jack kennedy was a friend of mine. senator, you're no jack kennedy. >> killer line. had no impact on the election. george h.w. bush one that election. when you have a strong performance by a strong candidate and a weak fumble by the other, its can make a difference. here's an example in 2000 when al gore decided he thought it was a good idea to get in the face of george w. bush while he was answering a question. watch this. >> the difference is that i can get it...
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more concerts, more events, more experiences. [ jack ] hey, who's boring now? [ male announcer ] get more access with the citi card. [ crowd cheering, mouse clicks ] hey, it's sandra -- from accounting. peter. i can see that you're busy... but you were gonna help us crunch the numbers for accounts receivable today. i mean i know that this is important. well, both are important. let's be clear. they are but this is important too. [ man ] the receivables. [ male announcer ] michelin knows it's better for xerox to help manage their finance processing. so they can focus on keeping the world moving. with xerox, you're ready for real business. >>> welcome back, everybody. you probably already know it by now but europe retained the ryder cup, they staged a big comeback after the u.s. began sunday with a huge lead as we headed into the final day of 12 singles matches. europe at this point has won the ryder cup five times in the last six matchups. >>> and the new york giants taking on the division rival the philadelphia eagles sunday night football after the giants give
more concerts, more events, more experiences. [ jack ] hey, who's boring now? [ male announcer ] get more access with the citi card. [ crowd cheering, mouse clicks ] hey, it's sandra -- from accounting. peter. i can see that you're busy... but you were gonna help us crunch the numbers for accounts receivable today. i mean i know that this is important. well, both are important. let's be clear. they are but this is important too. [ man ] the receivables. [ male announcer ] michelin knows it's...
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>> i think the jack welch stuff was crazy talk. and earlier in the year when you guys were down in washington on this, joe and i talked about it, there were between points that i would make. one, nobody messes or manipulates these numbers. but, took i think we exaggerate the importance of the numbers for this reason. the people who will vote on november the 6th know what they feel about the economy already. they're living it every day. so because there's a headline that says 7.8, it's a talking point, but they already know what their friends and neighbors are doing. >> when do we find out how romney is fun raising compared to that 180 million or whatever? >> i think if it was so par with obama's, we would have heard already. i think it's probably behind. >> you don't hear that that's unbecoming to have so much money to spend. just don't hear -- it's alway s the republicans. >> it's not decided by money. nice to have, but there is saturation information for the small number of swing voters. and even if obama beat romney by 20, 30 mi
>> i think the jack welch stuff was crazy talk. and earlier in the year when you guys were down in washington on this, joe and i talked about it, there were between points that i would make. one, nobody messes or manipulates these numbers. but, took i think we exaggerate the importance of the numbers for this reason. the people who will vote on november the 6th know what they feel about the economy already. they're living it every day. so because there's a headline that says 7.8, it's a...